Business Services Industry
Branson to keep tabs on Virgin Mobile once it goes to market.
Knight Ridder/Tribune Business News, July, 2004
By James Ashton, Daily Mail, London Knight Ridder/Tribune Business News
Jul. 10--Sir Richard Branson's Virgin group may be selling at least 37 percent of Virgin Mobile, but it plans to keep a close eye on its offshoot as it heads for the stock market on July 21.
Branson is expected to reserve the right to nominate a director even if his Virgin empire sells down to 10 percent.
As "honorary president," he will pocket UKpound 100,000 a year for no more than 10 days" work.
Analysts liken Virgin Mobile to easyJet, whose shares have been knocked by founder Stelios Haji-Ioannou's selling to fund other start-ups.
Serial entrepreneur Branson, who needs to fund a new US airline, is raising up to UKpound 279m in the float. He...
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